Doing Business

Business Costs

An EU base within the eurozone, Cyprus remains one of the few international business centres offering low operational costs and a high standard of living. Office space and residential property in Nicosia, the capital and major business centre, is relatively inexpensive when compared to other European capitals. In terms of cost of living, Cyprus remains

An EU base within the eurozone, Cyprus remains one of the few international business centres offering low operational costs and a high standard of living. Office space and residential property in Nicosia, the capital and major business centre, is relatively inexpensive when compared to other European capitals. In terms of cost of living, Cyprus remains one of the most advantageous places to live, with cost of living lower than in most western European countries. At the same time, residents of Cyprus enjoy a high standard of living and exceptional quality of life, as the balmy climate and low crime rate offer both comfort and peace of mind.

Labour Costs

Cyprus offers a well-educated and multilingual workforce at significantly lower costs compared to western European countries. According to Eurostat figures for 2017, labour costs per hour in the business sector were estimated at €15.97, with the EU28 average being €26.76.

Cyprus Job Positions: Annual Base Salary (€)

Management

Low (€)

Mid (€)

High (€)

CEO

70,000

100,000

150,000

CFO

50,000

80,000

120,000

Finance Department

Financial Controller

50,000

65,000

70,000

Finance Manager

40,000

45,000

50,000

Accountant (Qualified)

30,000

38,000

45,000

Accountant (Part Qualified or QBE)

20,000

25,000

30,000

Account Assistant

12,000

15,000

18,000

HR Department

Head of HR/Group HRM

60,000

80,000

100,000

HR Manager

35,000

50,000

65,000

HR Executive

15,000

20,000

24,000

Legal Department

Head of Legal/ Group Legal Head

50,000

80,000

120,000

Legal Manager

60,000

65,000

70,000

Legal Assistant

12,000

15,000

18,000

IT Department

Head of IT

50,000

55,000

60,000

IT Manager

35,000

48,000

50,000

IT Supervisor

20,000

25,000

30,000

IT Technician

12,000

15,000

18,000

Marketing Department

Head of Marketing

40,000

50,000

60,000

Head of Sales

40,000

50,000

60,000

Marketing Officer

24,000

28,000

35,000

Marketing Executive

12,000

15,000

20,000

Accounts Manager

18,000

20,000

24,000

Accounts Executive

12,000

14,400

18,000

Engineering Department

Engineer

35,000

50,000

65,000

Technical Officer

30,000

38,000

45,000

Procurement / Warehouse Officer

20,000

25,000

30,000

Technician

12,000

15,000

18,000

Note: The above statistics are based on permanent job placements made by GRS in Cyprus. These statistics do not necessarily reflect a complete overview of the Cyprus recruitment and labour market.

Telecommunications Costs

Telecommunications costs are one of the lowest in the European Union. According to Eurostat (2010), consumers were charged €0.18 for a 10-minute local call in Cyprus and €0.65 for an overseas call, with the EU average being €0.41 and €1.71 respectively. The slight increase in current rates has not kept Cyprus from maintaining a position in the lower half in terms of costs EU-wide, and the removal of roaming charges in June 2017 created even more attractive telecommunication services on the island.

Electricity Costs

Electricity tariffs are similar to those in other western European economies. According to Eurostat (2017H2), the cost for electricity in Cyprus is €0.1826/ kWh (households) and €0.1392/ kWh (non-households) compared to €0.2048/kWh (households) and €0.1121/kWh (non-households) in the EU28.